Stage 1 – We will meet with you to explain the Probate process and to understand what your loved one’s estate comprised of. We check with you to see if there is a Will and can assist in locating the Will for you. At this stage we will explain your responsibilities as the Executor or Administrator and answer any questions you may have. We will explain what our involvement will be, and we will communicate with you every step of the way.

Stage 2 – We will need to contact all the financial institutions, including banks, building societies and other investment holders along with any creditors. We will obtain all of the valuations for you and if necessary, we can arrange valuations of personal effects and properties. We can request the bank to release funds for the funeral account if there is no prepaid funeral account. We can arrange for Statutory Advertisements to be placed in the local paper and the London Gazette.

Stage 3 – We will prepare the application for the Grant of Probate or Letters of Administration and complete the HMRC account for you. At this stage, any Inheritance Tax will need to be paid. We will work with you to agree how that payment is made. We will also advise you of all the tax reliefs that are available to the estate and ensure we claim these to minimise any inheritance tax that is due.

Stage 4 – The Grant of Probate or Letters of Administration is received. This is the document that gives formal authority for the Executors/Administrators to collect in the assets of the estate and pay any liabilities.

Stage 5 – We will register the Grant of Probate/Letters of Administration with the financial institutions and complete all the closure forms for your signature to have the accounts closed. Once the financial institutions have released the funds to us, we can then discuss with you any liabilities that need to be paid and arrange payment of these on your behalf.

Stage 6 – Paying the liabilities. Once the assets of the estate have been collected in, we can arrange for any liabilities to be paid at this stage.

Stage 7 – Paying legacies to the beneficiaries. Any specific gifts of money or items are made to the beneficiaries, and we can deal with any property or shareholding transfers that are required.

Stage 8 – We will prepare a detailed set of Estate Accounts for the Executors/Administrators approval. The accounts will show what assets have been received and any income and what liabilities have been paid. The balance of the estate will then be distributed to the residuary beneficiaries to complete the administration of the estate.

Matters that may complicate Probate and increase Costs

It should be noted that not all Estate Administration is straight forward, which is one of the reasons many clients chose to appoint a specialist.

For example, if there is no will or the estate consists of any shareholdings (stocks and bonds) there, are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with.

Other factors that could cause the administration to become more time-consuming and expensive include:

• Unclear terms or ambiguities in the will
• Family disagreements about the assets, their value, funeral arrangements or whether the will is fair
• High value or estates with large portfolios of properties and shareholdings
• Estates involving family companies
• Asset valuations that are disputed by HMRC
• Where there are or have been family trusts
• Where there have been substantial pre-death gifts that affect the tax liability
• Large numbers of beneficiaries or where an exercise of tracing distant relatives is needed